Welcome to our dedicated page for Parsons news (Ticker: PSN), a resource for investors and traders seeking the latest updates and insights on Parsons stock.
Parsons Corporation (NYSE: PSN) is a technology-driven company active in national security and global infrastructure markets, and its news flow reflects that focus. Public announcements highlight work across cyber and electronic warfare, space and missile defense, transportation, water and environment, urban development, and critical infrastructure protection, giving investors and observers insight into how Parsons executes its strategy.
News about Parsons often centers on federal and defense contracts, including awards and positions on large U.S. Department of War, U.S. Air Force, and Missile Defense Agency programs. Releases describe task orders and multiple award contracts that cover design, engineering, and construction management for facilities and infrastructure that support mission readiness, as well as efforts to expand munitions production capacity and strengthen the Defense Industrial Base.
The company also issues updates on space and intelligence-related activities, such as contracts supporting space demonstration missions, satellite operations, and ground control services. Parsons’ acquisition of Altamira Technologies Corporation, which brings signals intelligence, cyber, missile warning, and space capabilities, is an example of transaction-related news that expands its defense and intelligence portfolio.
On the infrastructure side, Parsons’ news includes awards for urban development and transportation projects, such as design roles on advanced rapid transit lines and large mixed-use developments. These announcements illustrate its involvement in global infrastructure and urban development programs.
Visitors to this PSN news page can review company press releases and other coverage to track material events, contract wins, acquisitions, leadership changes, and guidance-related announcements that Parsons discloses to the market.
Parsons Corporation (NYSE: PSN) reported a 2% decrease in total revenue for Q3 2020, totaling $1 billion, with net income falling to $41 million. Operating income rose by 24% to $66 million, driven by lower IG&A expenses. Adjusted EBITDA increased by 13% to $101 million, marking a 10% margin. The company announced a significant impending acquisition to enhance its space portfolio. Key performance indicators show a book-to-bill ratio of 1.2x and a total backlog of $7.8 billion. The fiscal year 2020 guidance for revenue remains at $3.95 - $4.05 billion.
The O'Neil Group Company has announced a definitive agreement to sell Braxton Science & Technology Group to Parsons Corporation for approximately $300 million in cash. This sale represents the transfer of 5 of the 7 defense entities under OGC's management, highlighting its portfolio success. Since being acquired, Braxton has increased its employee count by over 300 and expanded its revenue by 25 times. The acquisition positions Parsons to enhance its capabilities in satellite operations and ground system automation for national security clients, particularly in low earth orbit missions.
Parsons Corporation (NYSE:PSN) announced a definitive agreement to acquire Braxton Science & Technology Group, LLC for approximately $300 million. This acquisition enhances Parsons' capabilities in the space, cyber, and intelligence markets, adding 370 employees, 80% with security clearances. Braxton is expected to generate $133 million in revenue for 2021. The deal is projected to be accretive to Parsons' earnings per share and is expected to close in Q4 2020, pending customary conditions.
Parsons Corporation (NYSE: PSN) has been awarded a $50 million contract by the Southern California Regional Rail Authority (SCRRA) for a three-year engineering project. This contract will focus on expanding, rehabilitating, and ensuring the safety of the Metrolink System. Parsons was chosen for its expertise in railroad project management and successful implementation of the first positive train control system for a U.S. commuter rail agency. This collaboration aims to enhance transportation connectivity across six Southern California counties.
Parsons Corporation (NYSE: PSN) has secured the SharkSeer 2.0 task order under the Defense Information Systems Agency's SETI contract, with a potential total value of $28 million over one base year and four option years. This contract aims to enhance cybersecurity for the Department of Defense by improving the existing SharkSeer program that utilizes AI to combat cyber threats. Parsons will handle various tasks, including integration and optimization across operational boundaries, leveraging its previous experience with the program.
Parsons Corporation (NYSE:PSN) has secured a $50.6 million contract from the U.S. Air Force to manufacture, integrate, and sustain 13 Recovery of Airbase Denied by Ordnance (RADBO) systems over six years. This innovative system utilizes the ZEUS™ directed energy weapon to safely neutralize unexploded ordnance in hazardous areas. RADBO features a mine-resistant vehicle equipped with a laser and robotic arm, allowing personnel to operate from a safe distance. This contract marks the first DoD ground-based laser system in production, enhancing explosive ordnance disposal capabilities.
Parsons Corporation (NYSE: PSN) has been awarded a $45 million contract by the Bay Area Rapid Transit District (BART) to implement a Communications-Based Train Control (CBTC) system, set to become the largest of its kind in North America. This initiative aims to enhance passenger capacity, ensure system safety, and improve efficiency across BART's transit network. The project is part of BART's $3.5 billion Transbay Corridor Core Capacity Program, focusing on modernizing infrastructure, including traction power system upgrades and new rail vehicles.
Parsons Corporation (NYSE: PSN) will announce its third-quarter 2020 financial results on November 4, 2020, before market opening. A conference call is scheduled for 8:00 a.m. Eastern Time to discuss the earnings and corporate strategies. The call will be accessible via the company's website and through telephone. A replay will be available shortly after the call and for one year on the website and through a specific phone line.
Parsons is recognized as a leading provider of disruptive technology in defense, intelligence, and critical infrastructure sectors.
Parsons Corporation (NYSE: PSN) has been awarded three task orders totaling $69 million under its GARDEM contract with the Air Force Research Laboratory (AFRL). These contracts, expected to be executed in 2020, focus on providing on-site mission support and software application enhancements. Parsons, which has supported AFRL for over 20 years, aims to enhance operational capabilities across various military domains. The company continues to leverage its expertise in data mining, visualization, and cloud computing to deliver tailored solutions.
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